Updated Policy On Audit Waivers For Cayman Funds

Following industry consultation in early 2016, the Cayman Islands Monetary Authority (CIMA) has published an updated policy on exemptions from the annual audit requirement for regulated Cayman Islands investment funds (the Policy). The Policy clarifies CIMA's existing approach on granting exemptions in various situations and introduces new circumstances when an exemption may be available. 

When does the Policy apply?

The Policy applies to investment funds which are regulated by CIMA as an administered fund, a licensed fund or a fund registered under section 4(3) of the Mutual Funds Law (Revised) which is the most common type of Cayman Islands investment fund registered with CIMA. Under the Mutual Funds Law, those funds must have their financial accounts audited annually and file them with CIMA within six months of the financial year end, or such extended period as CIMA may allow, and CIMA may also exempt regulated funds from the obligation to file audited accounts